Stecon Group Public Company Limited (SET: STECON) has kicked off the 2026 fiscal year with a resilient performance, reporting total revenues of Baht 7,319.24 million for the first quarter. This represents an 8% increase compared to the same period in 2025, a growth trend primarily driven by robust activity in building and industrial construction projects.
While revenue climbed, total costs and expenses also saw a 9.42% uptick to Baht 6,823.21 million. A notable driver of this increase was a Baht 89.99 million rise in administrative expenses, largely attributed to higher personnel costs across the Company and its joint ventures. However, the financial impact was significantly mitigated by a Baht 196.38 million reversal of expected credit losses, following the successful collection of outstanding receivables.
A key highlight of the Q1 report is the dramatic reduction in losses from associates and joint ventures, which dropped from Baht 136.12 million in 2025 to just Baht 29.89 million this year. This improvement was largely due to the strategic reclassification of investments in the Northern Bangkok Monorail and Eastern Bangkok Monorail to equity investments designated at fair value.
On the bottom line, STECON reported a net profit of Baht 346.54 million, yielding a net profit margin of 4.73%. Although the nominal profit is nearly identical to the Baht 345.42 million reported in Q1 2025, the normalized performance shows a clear upward trajectory. Last year’s figures were buoyed by a substantial Baht 222.20 million dividend income; when excluding such non-recurring items, the Company’s net profit from normal operations rose to 2.05% of total revenue, up from 1.88% in the prior year.
Furthermore, gross profit increased by Baht 74.07 million to Baht 571.21 million, reflecting more efficient cost management and control. Overall, STECON’s first-quarter results demonstrate a strengthening operational core as it navigates rising administrative overheads with improved project margins and successful debt recovery.
